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MBA: 2Q CMBS delinquency rate 8.22%
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| Thu, Sep 02, 2010 |
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By Housing Wire, Jason Philyaw on Thursday, September 2nd, 2010, 11:20 am
Second-quarter delinquency rates for loans held in commercial mortgage-backed securities are at the highest level since the Mortgage Bankers Association began tracking the data in 1997.
The MBA also said Thursday that delinquency rates for other mortgage groups "remain below levels seen in the early 1990's, some by large margins."
The association's commercial/multifamily delinquency report showed the delinquency rate for CMBS during the second quarter was 8.22%, which is up from 3.91% in the year earlier and 0.53% in 2008. MBA said the CMBS rate comprises loans 30+ days delinquent, including foreclosures and real estat ...
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U.S. construction spending hits 10-year low
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| Wed, Sep 01, 2010 |
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By The Real Deal online, September 01, 2010 06:00PM
Construction spending fell nationwide for the third month in a row in July 2010, this time to its lowest level in 10 years, according to a report released today by the U.S. Department of Commerce. July's $805 billion annual spending rate was 1 percent below June's $813.1 billion rate and 10.7 percent below the $901.2 billion level recorded in July 2009. The private residential construction sector, which has been battered by gloomy reports since the expiration of the federal homebuyer tax credit in June, saw a 2.6 percent decline in spending -- to an annual rate of $240.3 billion -- since June but a 5.5 percent increase over July 2009. Meanw ...
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A Dream House After All
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| Wed, Sep 01, 2010 |
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The New York Times online, By Karl E. Case on September 1, 2010
IF you read the coverage of the latest figures on the sales of existing homes from the National Association of Realtors, you may well have come to the conclusion that the American dream is dead. It is indeed worrisome that sales in July were down 25 percent from a year ago.
But a little perspective is in order.
First, the bad news. What has happened in the housing markets since 2005 is a catastrophe that may take years for our economy to recover from.
Anyone who believed that home prices never fall has learned a tough lesson. The Case-Shiller price indexes released on Tuesday suggest that since their nationa ...
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Foreclosure notices fall 32% from year earlier
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| Fri, Aug 27, 2010 |
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By Crain’s new york business.com, Amanda Fung on August 27, 2010 11:59 AM
The good news is that July's total of 1,288 is much better than year-earlier levels; the bad news is that July 2009 was the peak of the crisis and we're still above normal.
In yet another sign that the New York City residential real estate market is fairing better than the rest of the nation's, the number of lis pendens filed on properties in the five boroughs in July was down 32% from the levels of a year earlier, according to new data PropertyShark.com.
Lis pendens, the formal notice given to a homeowner who has not paid the mortgage on a property for three consecutive months and which starts the foreclosure pr ...
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City passes new identity disclosure rules for residential landlords
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| Thu, Aug 26, 2010 |
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By The Real Deal online, August 26, 2010 10:00AM
New York City landlords must now register the names of all individuals with 25 percent or greater ownership stakes in the corporations that own their residential buildings, according to new legislation passed unanimously by the City Council yesterday. They will also have to register a brick-and-mortar office location with the city, as opposed to providing an address of a mail handling facility. The new law is intended to crack down on so-called \"phantom landlords,\" who hide behind corporate entities and make it difficult for their tenants to track them down, Crain\'s reported. Tenants in many rundown equity-owned buildings have in recent yea ...
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